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AFA and PBGC Conference Call Report February 9, 2005
Dear
Members,
Participants:
The PBGC trusteed the plan effective February 1, 2005. Any Flight Attendant who notified US Airways of her/his intent to retire prior to February 1, 2005 is not required to notify the PBGC. Any Flight Attendant who notified US Airways after February 1, 2005 must contact the PBGC to start the process in motion. A Flight Attendant cannot continue to work at US Airways and collect her/his pension benefit. Also, it is important to note that a Flight Attendant does not retire from US Airways and the PBGC. The Flight Attendant retires from US Airways and receives the pension payment from the PBGC.
Process of Notification:
The PBGC requests notification of commencement of pension benefit 90 days prior. However, they will accept 30 days notification. Please be aware that Flight Attendants who notify the PBGC 30 days prior to the commencement of the pension benefit might not see a check on the first of the month, but they will receive retroactive payment. For example: a Flight Attendant notifies the PBGC she/he would like to begin receiving the check on April 1, 2005 and completes the appropriate paperwork. More than likely the Flight Attendant will not receive a check until May or June 1 with retroactive payment.
Rescinding:
As a general rule the PBGC discourages rescinding notification of commencement of pension benefits. The reasoning is that there is an incredible amount of work that will go into reviewing and determining the benefit. However, if a Flight Attendant must rescind, she/he is able to rescind up until the day prior to the check being cut. (The checks are cut the first day of the month.) It is acceptable to rescind via telephone or in writing. It must be stressed the rescind notification must be in prior to the check being cut. If the notice is not received until the day after, the benefit cannot be stopped.
Communication:
The first correspondence from the PBGC to Flight Attendants will be mailed on Monday, February 14, 2005. Flight attendants may contact the PBGC via telephone at 1-800-400-7242 and follow the prompts. This number is also used for clerical issues (name/address changes, etc.) Currently, Flight Attendants might find the answers to be vague. The reasoning is that they are still in the process of having the information transferred. As time goes on more specific answers will be available.
Current Recipients of Pension Benefits:
Pension benefits are currently being paid based on Towers-Perrin estimates. Towers-Perrin will continue to be involved for the next 120 days. It should be noted that the PBGC is working closely with Towers-Perrin. Anyone who is currently receiving a pension benefit is considered to be receiving an estimated benefit. Once a review has been completed each individual will receive a 'letter of determination' with a 'locked in pension benefit' that is payable according to the payment option the individual selected.
Requests for Information:
Please encourage Flight Attendants to access the PBGC website www.pbgc.gov and the Q&A written by Mary Lou Savage, posted on AFA's website HERE (http://www.afausairways.org/Restructure/pbgc_qa1204.htm). |
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